The Gujarat Government has postponed the 10th edition of the Vibrant Gujarat summit amid a spike in coronavirus cases. The much-hyped annual event was cancelled in 2021 as well.
Gujarat’s BJP Government has dubbed it to be the most successful investment summit of India, but in this case, the devil is in the data. Team VOI compiled all the data from 2003 to 2019 to find out if it is really a success story or just a gimmick of the government.
From 2003 to 2011, a total of five Vibrant Summits have taken place and Rs40 lakh crore of investment was promised. Out of this, an investment of Rs14.98 lakh crore has actually happened. Interestingly, the state government doesn’t have investment data of Vibrant Summits that have taken place between 2013 and 2019, which is completely a prerequisite to claim an event’s success.
A total of nine summits have seen a bulk of memorandum of understandings (MoUs) being signed. A total of 1,04,872 MoUs were inked during the summits. Around 25 per cent of them – 25,497 approximately – have been dropped or scrapped. As many as 70,742 projects have seen some kind of upward movement – either with the start of production or otherwise.
Holding a global summit comes at a price as the Gujarat government has spent around Rs450 crore in 16 years on the events.
The success of the Investors’ Summit by the state government should be measured by the jobs created as India is reeling under a major job crisis. Talking about the Vibrant Gujarat summit, in over 16 years since it started, a total of 22.67 lakh jobs have been created. That’s roughly around 1.41 lakh jobs per year.